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LATEST PRESCOTT ARIZONA MARKET STATISTICS (HOW’S THE MARKET?)

Filed in Prescott, AZ Real Estate by on December 30, 2014 0 Comments • views: 607

 

Find out what the Prescott Arizona Real Estate Market is doing today. By the Conners Team. Are you ready for Awesome?

Find out what the Prescott Arizona Real Estate Market is doing today. By the Conners Team. Are you ready for Awesome?

People always ask me, “How’s the Market?”  Well, in Prescott Arizona today the answer depends on which market you mean. At different price points we have different markets. For example, from zero to $300,000 we have an average inventory of 2.5 to 4.8 months. (Months of inventory refers to how long it would take to sell all the homes for sale at the current rate).  So at this first price point we have a seller’s market; more demand than supply. Keep in mind that a neutral market should be around 6 to 8 months of inventory.

This chart shows how the Prescott Arizona real estate market is actually divided into three distinct markets.
This chart shows how the Prescott Arizona real estate market is actually divided into three distinct markets.

At the middle price point, from $300,000 to $450,000 we have a more neutral market with an inventory of 6 to 10 months. This market favors neither the buyer nor the seller, but is balanced.

Finally from $450,000 and up to just over $1,000,000, we have a buyer’s market with a range of 10 to 84 months of inventory. A really interesting spot to look at would be the difference between the price points at $600 – $800K and the next one up at $800 – $999K.  In particular the $600 – $800K price point has an inventory of 16.8 months and shows an average sale rate of 5.7 homes per month and an average of 138 days on market before a sale.

Now compare that with the $800 – $999K price point which shows an inventory of 84 months and only 1 sale per month with an average of 565 days on the market before a sale.

Imagine if your home was worth in the range of $775,000 to $825,000. Could it be that a relatively small price adjustment could make a difference of over 5 years in when your home sells? That is exactly what the statistics are showing us.

If you are planing on selling your Prescott area home in 2015, make sure your listing agent understands not only what your home is worth, but also how your home should be priced to meet your timing and financial goals.

The Conners Team specializes in exceeding expectations. Call us today to find out how we do it. 928-275-2626

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